Cardano (ADA) Price Analysis: Risk of Additional Downsides

This past week, cardano price made a couple of attempts to surpass the $0.0420 resistance area against the US Dollar. It opened the doors for more downsides below the 50% Fibonacci retracement level of the upward move from the $0.0330 low to $0.0420 high.

Additionally, the 76.4% Fibonacci retracement level of the upward move from the $0.0330 low to $0.0420 high is near the $0.0350 level to provide support. On the upside, the price must break the declining channel and the $0.0380 resistance level.

Timeline of Cardano